Key Points
Hitesh Zaveri, Head- Listed Equity Alternatives, Axis MF, says the commentary from the banks have been positive as well and something that we have been overweight on, so that is continuing to look good..
We are positive on automotive As for tractors, we will have to watch the monsoon but for the rest of them, demand has been healthy...
Thankfully, about a month ago, we received the first set of forecast that El Nino could be strong and therefore we are going to be 94% or so of the long-term average, after that there has been some better news from IMD which has forecast that the monsoon is going to be mostly normal...
If anything, the market correction is the period of limited return that we have seen in the last one year or so, the main problem for maybe a quarter or so; but beyond that I do not see a very strong impact if we have a minor decline in the long-term average rainfall this year versus last year...
When you go through the results that have come out now and as we speak, more than 90% of the market cap weight results are already out, banks have done well and then the commentary from the banks have been positive as well and something that we have been overweight on, so that is continuing to look good..
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